Korea Investment & Securities said Tuesday that Hantech has the highest share of North American sales among South Korean heat exchanger makers. It did not provide a target price or investment rating.
Kim Geon-woo, an analyst at Korea Investment & Securities, said Hantech is a maker of chemical-process equipment, with heat exchangers as its main product, and noted that liquefied natural gas, or LNG, infrastructure expansion is accelerating in the United States and Canada.
He said the company is expected to benefit from a growing number of LNG terminals, which require liquefaction facilities, adding that North America accounts for 48% of Hantech’s revenue — the highest contribution among peers.
Kim also forecast gains from increased investment by semiconductor companies. He said Hantech supplies ultra-low-temperature gas storage tanks installed at domestic semiconductor fabrication plants, and that major fab investment by customers this year is expected to drive orders.
He cited expected large-scale investment including SK hynix’s Yongin semiconductor cluster Y1 and Samsung Electronics’ Pyeongtaek P5, and said construction of Pyeongtaek P4 Phase 2 will resume. He projected both revenue and orders will grow as downstream companies expand investment.
Kim said new orders have topped 70 billion won, including a 28 billion won supply contract signed in January with Shintech Louisiana and an order for a U.S. ammonia project. He noted the figure does not yet include additional orders tied to U.S. LNG projects and South Korea’s semiconductor sector.
* This article has been translated by AI.
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